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Profiles in Building Sustainable Partnerships:  Business Owners

A large regional bank recently partnered with Red Rock to support the execution of a major strategic initiative to better service their private business owner clients more comprehensively. The primary business objective was to maximize wallet share and economic profit for the bank by implementing a truly integrated Commercial-Wealth Partnership. The strategy was very well thought out, but the bank needed Red Rock’s experience in executing initiatives of this nature to ensure future success.

Guiding Principles

After several preliminary consulting discussions with executive leadership and key project stakeholders, the decision was made to focus on three major guiding principles:   

Restructuring the advice delivery model by fully integrating teams to meet the unique needs of the private business owner market. 

Re-envision the bank’s value story for the private business owner market to communicate an advice first approach.

Create a commitment from all divisions to maximize the economic value of each business owner relationship rather than focus on transactional fulfillment.


Executive Commitment

Once the guiding principles were established, the executive leadership team in partnership with Red Rock committed to:

Commitment from the bank CEO, divisional presidents, and line of business leaders to make the private business owner initiative a long-term pillar of the bank’s overall strategic growth plan.

Create a formalized approach to integrated team structures with Commercial Relationship Managers and Private Wealth Advisors acting as co-leads to all private business owner relationships.

Secure funding to pay additional incentives to Commercial Relationship Managers on new wealth management revenue.

Line of Business Execution

Six month introduction of the new initiative was designed and delivered to support a proof of concept in 5 major markets which could be quickly scaled over the next 3 years:

In-market meetings to introduce the initiative and solidify the newly structured teams.

A commitment from participating Private Wealth Managers to gain Certified Exit Planner (CEPA) accreditation. 

A commitment from the newly established commercial-wealth teams to building full client balance sheets, prioritizing the need for advice accordingly, and utilizing the full resources of the bank to service business owner clients comprehensively.  

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